The value of HR & Payroll in a post COVID-19 world-Reading time: 5 Minutes
Since the pandemic struck, HR leaders have been indispensable. Many are working beyond their own organisational remit, in tandem with the rest of senior leadership, to make critical strategic decisions powered by real-time data. All the while, leading with integrity and reassuring the workforce.
Yet, amidst the chaos, Covid-19 has presented an opportunity for HR teams to elevate their role within their organisation. Even the most sceptical business leader can’t argue with the fact that without the leadership and guidance of an effective HR team, their organisation wouldn’t have coped.
Suddenly, the executive board are looking to HR to answer their burning questions. How much did remote working cost us? Are there enough healthy employees to be remain operationally stable? Do we have to restructure? Can we afford to hire more people to meet our business growth targets? Will we have to rely on temporary workers or contractors as we return to work? Can we make remote working a permanent measure?
In addition, payroll is being given the gravitas it deserves. Quite simply, if an organisation can’t pay its employees accurately or on time, then employees are more likely to leave. In addition, payroll data and insights can provide your organisation with much more value. Once you get to grips with the available payroll data, the world is your oyster. You can set KPIs that are relevant and informative such as cost per employee, overtime costs per team or resignation rates. This is payroll’s time to shine as a strategic power and a wise corporate investment.
The power of payroll & HR insights
Data is king, but many organisations are sitting on a wealth of data about their most valuable assets without even realising its potential. As there are so many unknowns as we move forward, accurate and accessible people data is the best way to guide strategic decisions.
Presenting a single source of truth, a payroll solution that amalgamates payroll and HR data is a sustainable investment and the key to surviving and thriving during the pandemic and beyond. From identifying and monitoring risks to assessing employee well-being, this whitepaper explores the value that can be extracted from Payroll & HR in a post COVID-19 world and how to harness its power.